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President Donald Trump on Thursday recognized Michigan’s third-generation Autowalker and spoke at “Big, Beautiful Event,” saying he is a lifelong Democrat who supports the president for interest tax benefits on vehicle loans.
The president spoke about the “big beautiful bill” with a group of people standing behind him from the eastern room of the White House, representing various transactions, including food delivery, farmers and auto workers.
One of the workers standing behind Trump is James Benson, a third-generation autoworker from Belleville, Michigan, who has been with the Ford Motor Company for 26 years.
Trump introduced Benson, and Ford noted that there are “a lot of plants” in the US
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President Donald Trump will speak at the event Thursday in the Eastern Room of the White House in Washington, DC (AP Photo/Mark Sieffelvein)
“If there are plants in this country, you’re going to make a lot of money,” the president said.
Trump also said Benson was a lifelong Democrat until 2017 when he saw the benefits of tax law.
Trump then spoke about his latest plan to benefit car owners.
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Workers at the assembly line at the Ford plant in Louisville, Kentucky in 2017 (AP Photo/Timothy D. Easley, File)
But the deduction is only for cars made in the US, Trump added that if it was made elsewhere, “we don’t care.”
Trump’s “Big, Beautiful Building” generates a new deduction of up to $10,000 on interest on eligible passenger vehicle loans in certain taxable years. If a taxpayer’s revised adjusted gross income exceeds $100,000, the deduction will be abolished.
Applicable passenger cars include cars, trucks, vans, SUVs and motorcycles manufactured for use on public roads, roads and highways.
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1040 Income Tax Form and W-2 Wage Statement via Federal Treasury Refund Check. (istock)
The bill defines the final assembly as the process by which the manufacturer produces the vehicle, delivering all the parts needed for the operation to the seller.
As with overtime and tip deductions, the car loan provisions will take effect for the tax year 2025-2028.
Trump reiterated to those present that tax benefits are only vehicles made in the US
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“Remember that, James. We’re going to keep those Michigan auto plants rolling,” the president said.
Eric Revell from Fox Business contributed to this report.
Greg Wehner is a news reporter for Fox News Digital.
Story tips and ideas can be sent to greg.wehner @fox.com and Twitter @gregwehner.
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